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Pradhan Manti Suraksha Bima Yojana – Full Information to Apply

Prime Minister Narendra Modi recently launched three initiatives for securing the life of poor people. At a function in Kolkata he announced about these plans offers insurance benefits for the 12.5 crore people who have taken advantage of the Pradhan Mantri Jan Dhan Yojana. Pradhan Manti Suraksha Bima Yojana is one of the best among that.

This is as a part of progressing from jan dhan or financial inclusion to jan suraksha – social protection. All these are focusing on workers in the unorganised sector to offer increased coverage. All these are operated via one bank account and all you need is a single bank account. Read in detail about Pradhan Manti Suraksha Bima Yojana Schemes. Benefits of these 3 schemes goes to workers in unorganized sector like beedi workers, fishermen, weavers etc.

Pradhan Manti Suraksha Bima Yojana

All Jan Dhan bank account holders can join for this cheap and safe insurance. Account holders get accident insurance with a sum assured of Rs 2 lakh. What is most interesting is, you have to pay premium of only Rs 12 a year. So this Personal accidental insurance offers one year cover which is renewable. There is also Auto Debit facility.

Pradhan Manti Suraksha Bima Yojana scheme is offered by Public sector general insurance companies and other general insurance companies. They offer Assurance upto 70 years of age of closure of bank account. You will get Benefits of Rs 2 Lakh on death to the nominee and Benefits of Rs 2 lakh on total and irrecoverable loss of both eyes/hands/feet or loss of sight of one eye and loss of use of hand or foot.

In case of Premium breakup of Pradhan Manti Suraksha Bima Yojana, premium to insurance company is Rs 10 per year. The Transaction fee to agent is only Rs 1 per year and Transaction fee to bank is Rs 1 per year. If those offered benefits are acceptable, this is one of the best available Personal accidental insurance.

Key Features of Pradhan Manti Suraksha Bima Yojana

Personal accidental insurance

for 18 – 70 years

Sum assured is Rs 2 Lakh

Premium of Rs 12 per year

Tenor: one year cover, renewable

All bank account holders in participating bank can enroll

Auto Debit facility

Scheme offered by Public sector general insurance companies and other general insurance companies

Cover period: 1 June to 31st may

Assurance upto 70 years of age of closure of bank account

Additional cover available

Benefits of Rs 2 Lakh on death to the nominee

Benefits of Rs 2 lakh on total and irrecoverable loss of both eyes/hands/feet or loss of sight of one eye and loss of use of hand or foot

Benefits of Rs 1 lakh on total and irrecoverable loss of sight of one eye or loss of use of one hand or foot

In case of Premium breakup, premium to insurance company is Rs 10 per year